by Mark Silva
With word that the ranks of Americans signing up for unemployment benefits last week reached the highest level in more than two years:
-- Sen. Hillary Clinton found "a reminder that we are in the midst of a growing economic crisis'' -- a crisis in which "Sen. (John) McCain has yet to answer the call" (more of that 3 a.m. phone call theme.)
-- Sen. Barack Obama found "the latest indicator of how badly America needs fundamental change from Bush-McCain policies that have been devasting for working families" (more of that McBush third-term talk.)
-- McCain, while not specifically addressing the unemployment report, spoke of creating jobs with more tax cuts. He said: "I know economics very well, certainly better than Sen. Clinton and Sen. Obama.''
The Labor Department reported today that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29 -- the highest point since Sept. 17, 2005, following hurricanes along the the Gulf Coast.
Clinton, in a statment released by her campaign, said:
"Today’s dismal jobless claims report is a reminder that we are in the midst of a growing economic crisis and Senator McCain has yet to answer the call of economic leadership. Americans need a president who understands the complex challenges our economy faces – from lagging employment to record gas prices to a housing and credit crisis which threaten to drive us into a painful and deep recession.
"Sen. McCain has already admitted that he doesn’t know much about economics, and he is proving that point on the campaign trail. His plan for the housing crisis is simply not to have one.
"I’ve been trying to deliver a wake up call to the Administration on the housing crisis for more than a year. I have the most aggressive plan to help homeowners of any candidate in this race – including $30 billion in emergency assistance for families and communities to fight foreclosures. And I believe the government should stand ready to go further and temporarily purchase at-risk mortgages to help unfreeze the mortgage markets and keep millions of families in their homes.''
Obama, in a statement released by his campaign, said:
“Today's job news is the latest indicator of how badly America needs fundamental change from Bush-McCain policies that have been devastating for working families and catastrophic for our economy. While George Bush and John McCain's answer to this recession has been to watch it happen while pushing for more tax cuts to the wealthiest Americans, more families are facing foreclosure, rising costs, and disappearing jobs.
" It's time for a new direction, with immediate relief for homeowners, a second stimulus package that expands unemployment insurance and helps state and local governments, and investments in millions of new jobs to strengthen our economy. Our economy is struggling because the American people are struggling, and simply bailing out investment banks on Wall Street will not help Main Street.”
McCain, interviewed by Joe Scarborough and company on MSBNC, confronted that comment about the economy not being his strong suit:
"Well, first of all, let's clear that up. I said it wasn't my strongest because I spent 22 years in the military, and I have been a member of the Armed Services Committee and involved in every major national security challenge in the last 20 years.
"I've been involved as chairman of the Commerce Committee. I have been involved as part of the Reagan Revolution where we cut taxes and restrained spending and embarked on one of the strongest periods of economic growth in the history of this country.
"I know economics very well, certainly better than Sen. Clinton and Sen. Obama. So let's clear up that.
"Obviously we've got to restrain spending. Obviously we need to give middle income Americans more tax cuts rather than less. We have to have balanced budgets. We can't keep borrowing money from China. We have to exercise fiscal discipline and make sure that every earmarked project and pork barrel project is vetoed and not allowed. And someone right now will say that's only a small part of the budget, that kind of spending has led to corruption, and it has led to members of Congress that are now residing in federal prison.
"We're going to have to sit down together and fix Social Security and fix Medicare and balance our budgets and exercise the kind of fiscal discipline that kept us and caused us and kept us to be on a very long period of economic prosperity. Right now Americans are hurting. So we have to make sure that people keep their homes and that we create more jobs and, by the way, I am a strong believer in free trade."
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Comments
McCain: "The Issue Of Economics Is Not Something I've Understood As Well As I Should"
The New York Times’ Paul Krugman noted recently that, in a moment of candor, John McCain admitted economics isn’t his thing. “The issue of economics is not something I’ve understood as well as I should,” he said. But, “I’ve got Greenspan’s book,” he assured the audience.
If any needed evidence of McCain’s weakness on the economy was needed, simply witness how he has dealt with the need for economic stimulus. After last week’s debate in South Carolina, U.S. News wrote that the question of whether the economy needs a stimulus “vexed” the GOP front-runners, who “appeared unaware of the fiscal stimulus debate currently happening in Washington and being closely watched by Wall Street.”
http://thinkprogress.org/2008/01/18/mccain-economy/
Posted by: John E | April 3, 2008 3:49 PM
"KATRINA VICTIMS SPEAK"
NOW WHO ARE THE "REFUGEES"
NOW BARBARA BUSH, WHO IS "BETTER OFF" THAN THE DAY BEFORE THE "STORM"
BILLIONS AND BILLIONS SQAUNDERED BY "THE SECRETARY" THE FEMA
"THE POLK ACT"
BILLIONS AND BILLIONS SQUANDERED ON "DETENTION CAMPS"
"BREATHTAKING ABUSE OF THE CONSTITUTION" RELATING TO TELECOMMUNICATION JOBS
"BREATHTAKING ABUSE OF THE CONSTITUTION" RELATING TO "MORTGAGE GUIDELINES"
"BREATHTAKING ABUSE OF THE CONSTITUTION" RELATING TO MERGERS & ACQUISITIONS. YES, THE CHAIRMAN SPOKE!
"THE MEMO" WAS SENT!
THE JOBS WENT WITH IT!
BILLIONS AND BILLIONS WAISTED ON NO BID CONTRACTS THAT HAVE NO BID AMERICANS DOING THE JOBS THAT NO BID CONTRACTORS WOULD DO!
"ILLEGAL IMMIGRATION"
BIOMETRIC JOBS
FORENSIC DOCUMENTARY JOBS
STATE DEPARTMENT JOBS SENT "OVERSEAS" DOING JOBS AMERICAN SHOULD BE DOING ON THE BASIS OF "NATIONAL SECURITY"
BASE CLOSURES DESIGNED TO BE "ROGUE DETENTION FACILITIES"
"PHONY ACHIEVEMENTS"
BORDER FENCE WITH CHINESE STEEL!
"BLACKWATER"
BILLIONS AND BILLIONS WAISTED ON "MILITIA" JOBS INSTEAD OF "MILITARY JOBS"
FEMA TRAILERS AND NO "ICE" MILLIONS AND MILLIONS WAISTED ON ALL OF THIS ADMINISTRATIONS
MERE "PHONY ACHIEVEMENTS"
Just think if the 40,000 soldiers came home tomorrow where would they work? Would the company that "guaranteed" their jobs still be there. Will they be able to live off of their "WEEKEND DUTY PAY?"
PAT ROBERTS
GEORGE BUSH AND THE FAB FIVE FREDDIES
AND SECRETARY OF TREASURY AFTER SECRETARY OF TREASURY AND THE BILLIONS AND BILLIONS OF U.S. TREASURY STOLEN AND UNACCOUNTABLE IS WHY
PRODUCTIVITY IN AMERICA IS DOWN.
BUT HEY, UNICAL IS UP!
POPPY IS UP!
THE VIOLENCE IN IRAQ IS UP!
HALLIBURTON PROFITS ARE UP.
KBR PROFITS ARE UP
THE PRICE OF OIL IS UP 128%
SO BARBARA WAS RIGHT, THEY ARE BETTER OFF THAN THE DAY BEFORE THE "SURGE"
Posted by: Roger Morris | April 3, 2008 4:03 PM
I hope Hillary is taking notes on this topic. She'll be LUCKY if she is still a senator after this is all through.
Posted by: Xcellentform | April 3, 2008 4:11 PM
-- Sen. Hillary Clinton found "a reminder that we are in the midst of a growing economic crisis'' -- a crisis in which "Sen. (John) McCain has yet to answer the call"
Then McBush say: He said: "I know economics very well, certainly better than Sen. Clinton and Sen. Obama.''
Even though he said he doesn't understand economics and now claims he does, it is obvious that he doesn't or he would have already proposed something, anything by now knowing that the economy happens to be the #1 concern for America. He says the government doesn't need to get involved. I take him at his word.
Posted by: bill "Hussein" r. | April 3, 2008 4:16 PM
There is one way to send Washington a message. When all the final candidates are known, vote for someone other than the Democrat and Republican candidates. If you are truly fed up with the politics in DC, vote them out of office. VOTE...
Posted by: Larry | April 3, 2008 5:17 PM
NONE of the candidates know anything about economics.
At least McCain is honest and trying to fix that deficiency.
Obama and Clinton's "economics" are based on theories that make things WORSE.
Criticizing McCain for what he doesn't know is the pot calling the kettle black.
Posted by: Donna | April 3, 2008 5:25 PM
NONE of the candidates know anything about economics.
At least McCain is honest and trying to fix that deficiency.
Obama and Clinton's "economics" are based on theories that make things WORSE.
Criticizing McCain for what he doesn't know is the pot calling the kettle black.
Posted by: Donna | April 3, 2008 5:25 PM
Donna,
I don't know what you're smoking but I want some of it.
John W McBush demonstrates his lack of knowledge on the economy for all the world to see:
http://www.youtube.com/watch?v=Tu-tg1kQ8dk
Posted by: None-So-Blind | April 3, 2008 5:42 PM
I'm not crazy about McCain, but I can't stand the liberal mantra of I'm a victim, it's somebody else's fault, I can't help myself, and only the federal government can save me. Any "plan" of Hillbama involves big government and more big government. I can think of very few things that the federal government does well or efficient, and I find it hard to believe people want more of it from any candidate.
John E, I agree with you that McCain knows little about the economy, but that just puts him on even ground with Hillary and Obama.
Posted by: Herbie H. | April 3, 2008 11:44 PM
McBush likes to say he doesn't believe in the government helping out in the housing crisis. He blames speculators. Well with Arizonas forclosure rate the 4th worst in the nation with a 210% increase in forclosures over last year, It would seem McBush is clueless as to whats going on in his own state.
Posted by: bill "Hussein" r. | April 4, 2008 7:39 AM